Tag: intuit

Intuit hosted an investor day on September 21, 2016. They’ve just made the presentation slide deck available (download here) including this handy graphic above breaking out the installed base of their QuickBooks Online (aka QBO).

Converting the numbers to market percentages shows Intuit’s reported market share of what they say is the total addressable market (TAM).

Intuit reported earnings August 23, 2016. Earnings were up 12% yet the guidance on future growth seemed to disappoint.

While these numbers top estimates, Intuit’s tepid revenue guidance for the current quarter sent its shares trending downward after hours.

Intuit said it expects Q1 EPS ranging from a penny a share to 3 cents a share, which falls well below analyst estimates for 13 cents a share. Revenue is expected to range from $740 to $760 million, which would also miss estimates of $772.96 million. – ZDNET

Financial Highlights

For fiscal 2016 Intuit:

Reported revenue of $4.7 billion, up 12 percent.

Increased total QuickBooks Online subscribers 41 percent, to finish the year with 1,513,000 paid subscribers.

Intuit today announced a strategic alliance with BDO USA, LLP in which QuickBooks will serve as a part of an expected new BDO offering this fall.

BDO is expected to launch a new cloud business management solution for clients later this fall. As part of the small business component of the new online offering, BDO will partner with QuickBooks to offer clients online tools and processes to help them better manage their accounting. This includes several preferred, integrated apps that work with QuickBooks, including TSheets, Expensify and Qvinci.

CPA firm strategic relationships are important to software publishers as the market for accounting and ERP solutions matures and shifts from the model of simply moving from paper to online to one where companies are increasingly looking to fully integrate their existing solutions.

Many small businesses who have completed the process of automating accounting are ready for the next step of fully integrating other solutions such as online e-commerce, paperless billing and other integrations.

Software publisher Sage has also been very active in this market with the November 2014 introduction of Sage View which integrates to Sage One Accounting – US Edition, Sage 50 – US Edition and Intuit QuickBooks (Pro and Premiere 2012-2015) to provide dashboards of client data.

More than a few people are complaining that Intuit has pulled a fast one with their 2014 edition of Turbotax.

The company has reportedly removed the ability to create forms C,D or E unless an additional upgrade fee is paid. The creation of these forms was included in last year’s version of Turbotax and the packaging of Turbotax 2014 does not seem to prominently mention that an upgrade is required to retain the same functionality as was in the prior year version.

The core issue is described by mouseprint.org as:

The full interview sections (Q&As) for filling out Schedule C (self-employment income and all expenses), Schedule D (investments), and Schedule E (rental and partnership income) are no longer in TurboTax Deluxe ($59.99 list). The complete Q&A Schedule D (with importation of brokerage data) and Schedule E are now only available in their “Premier” and higher editions ($89.99), and the full Schedule C is only available in their “Home & Business” version ($99.99).

Intuit have just published a special site aimed at helping both clients and tax professionals understand the Affordable Care Act. The site provides downloadable PDF files which help to answer common questions and also has direct links to the Intuit community where members can ask questions of other members or search through previously asked questions.

Is this an early indicator that QuickBooks for Mac is slated for retirement? Nothing in the press release indicates that this is so – except that the product landing page for QuickBooks App for Mac suggests that it’s an upgrade from QuickBooks 2014 for Mac.

The redesign was critical for Intuit, since it expects by the end of this fiscal year to have more new customers sign up for the online version of QuickBooks than the desktop version.

There’s also some chit-chat in the article about how QuickBooks Online is going to develop an ecosystem that other developers can plus their software or services into. I will be very interested to see the revenue model for this and whether there’s a charge or some other financial cost to integrate.

Intuit is slated to host an Investor day on Tuesday September 24, 2013. Intuit will showcase to investors the new reimagined QuickBooks experience, designed from the ground up to deliver a simple, yet powerful platform that goes beyond accounting, offering an unprecedented business management solution for small businesses and accountants.